RIYADH: After strong demand from institutional and individual investors, Saudi low-cost carrier Flynas completed its initial public offering share allocation at SR80 ($21) per share, the highest of the suggested range. According to the price, the airline’s expected market capitalisation at listing is SR13.6 billion.
The IPO follows Flynas’ announcement last month that it will float 30% of its share capital on the Saudi Exchange, making it the first airline in the Kingdom and the first in the Gulf to do so in almost 20 years. 666,069 retail investors acquired 10.25 million shares, or 20% of the offering, and oversubscribed by nearly 350 per cent between May 28 and June 1.
The average allocation factor was 12.3 percent, according to a press statement from Flynas. “Each retail investor was allocated a minimum of 10 shares, with the remaining shares allocated on a pro-rata basis in proportion to the size of demand. Any excess subscription funds will be returned to retail investors by Thursday, June 5, 2025,” it further stated.
Following compliance with the exchange’s and the Capital Market Authority’s regulatory criteria, the company’s shares are anticipated to list and start trading on the Saudi Exchange’s Main Market. The precise listing date will be disclosed in due time.
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